Last10K.com

Aerogrow International, Inc. (AERO) SEC Filing 10-K Annual report for the fiscal year ending Thursday, March 31, 2016

Aerogrow International, Inc.

HISTORY TOOLS
CIK: 1434265 Ticker: AERO
 
Exhibit 99.1
 
AeroGrow Reports Results for the Fourth Quarter and Full Year Ended March 31, 2016

·
Fourth Quarter sales increase 43% to $5.1 million
·
Full Year sales increase 10% to $19.6 million
·
Fourth Quarter Adjusted EBITDA improves by $649,000
·
Full Year Adjusted EBITDA positive for second consecutive year
·
Full Year gross margin improves by nearly 500 basis points to 36%

BOULDER, CO—(Marketwired – June 15, 2016) – AeroGrow International, Inc. (OTCQB: AERO) ("AeroGrow" or the "Company"), today announced results for the fourth quarter and Fiscal Year (FY) ended March 31, 2016.  AeroGrow is the manufacturer and distributor of the world’s leading indoor gardening systems – the AeroGarden line of Smart Countertop Gardens®.

For the year ended March 31, 2016 the Company recorded total revenue of $19.6 million, an increase of 10% over the same period in the prior year.  Adjusted EBITDA for the full year remained positive for a second consecutive year at $304,000 vs. $609,000 in the prior year period.  Results for the 4th quarter ended March 31, 2016 saw net revenue increase 43% year over year to $5.1 million and Adjusted EBITDA for the quarter improved $649,000 to $182,000.
President and CEO J. Michael Wolfe commented that “our core strategy for FY 2016 was to moderate our growth to ensure we achieved strong improvements to our gross margins and refine our distribution strategy.  We grew revenue by 10% last year, with accelerated growth in the second half of the year including 43% growth in our Q4.  I’m particularly pleased by the improvement we experienced in our gross margin, which increased by nearly 500 basis points to 36% for the full year.
“Increased margins were the catalyst in our executing a significant brand advertising campaign that debuted in November.  We were pleased with the results of this campaign which drove gains in awareness and purchase consideration among target consumers.  While putting some downward pressure on EBITDA this year, it also helped drive short term sales, and we expect a long term revenue tail from the increased brand awareness.  In addition, we are committed to this brand building initiative for the long-term and anticipate making significant increases in our advertising spend in FY 2017.
“The advertising spend, combined with new and improved products, helped us continue to build several proven distribution channels – and unlocked several new ones.  For the first time we now have multiple, proven channels through which to sell our products profitably.  We saw broad success in the .com channel where Amazon saw better than triple digit growth across the platform.  We also made significant inroads in the Housewares channel with successful tests at Bed Bath & Beyond, Sur La Table and QVC.  These strong sales results, combined with the gross margin improvements and continued expense controls resulted in our second consecutive year of positive EBITDA earnings – the first time in the company’s history this has been achieved.
“We begin our FY 2017 with a lot of momentum.  We’ve made great progress on a number of fronts, notably sales, profitability, product efficacy, gross margins, and brand building.  Our focus for FY 2017 will be to continue growing our established distribution channels while expanding the Housewares channel and launching preliminary tests in several new domestic channels.  We’ll also be expanding an international sales model in Europe that is showing encouraging early results.  I am extremely optimistic that in FY 2017 we will leverage the excellent progress we have made over the last several years to begin delivering consistently strong top and bottom line growth.”
On June 2nd, Scotts Miracle-Gro informed the Company of its intention to exercise all or some of its Warrants sometime prior to December 31, 2016.  The Company has no further information on the timing or exercise of the Warrants other than as set forth in the Schedule 13D/A filed by SMG Growing Media, Inc. on June 6, 2016. The Board of Directors has appointed a Special Committee of the Board comprised of Michael Barish, Jack Walker and Wayne Harding to supervise the implementation of the exercise, if and when it happens.
The following information was filed by Aerogrow International, Inc. (AERO) on Wednesday, June 15, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Aerogrow International, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Aerogrow International, Inc..

Continue

Assess how Aerogrow International, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Aerogrow International, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2016 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Balance Sheets
Balance Sheets (parentheticals)
Statement Of Changes In Stockholders' Equity (deficit)
Statements Of Cash Flows
Statements Of Operations
Accounting Policies, By Policy (policies)
Document And Entity Information
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (details) - Property, Plant And Equipment
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (details) - Schedule Of Advertising Expenses
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (details) - Schedule Of Employee Service Share-based Compensation, Allocation Of Recognized Period Costs
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (details) - Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (details) - Schedule Of Finite-lived Intangible Assets
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (details) - Schedule Of Inventory
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (details)
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (tables)
Note 2 - Notes Payable And Long Term Debt
Note 2 - Notes Payable And Long Term Debt (details) - Schedule Of Debt
Note 2 - Notes Payable And Long Term Debt (details)
Note 2 - Notes Payable And Long Term Debt (tables)
Note 3 - Scotts Miracle-gro Transactions - Convertible Preferred Stock, Warrants And Other Transactions
Note 3 - Scotts Miracle-gro Transactions - Convertible Preferred Stock, Warrants And Other Transactions (details)
Note 4 - Equity Compensation Plans And Employee Benefit Plans
Note 4 - Equity Compensation Plans And Employee Benefit Plans (details) - Schedule Of Share-based Compensation, Stock Options, Activity
Note 4 - Equity Compensation Plans And Employee Benefit Plans (details) - Share-based Compensation Arrangement By Share-based Payment Award, Options, Vested And Expected To Vest, Outstanding And Exercisable
Note 4 - Equity Compensation Plans And Employee Benefit Plans (details)
Note 4 - Equity Compensation Plans And Employee Benefit Plans (tables)
Note 5 - Income Taxes
Note 5 - Income Taxes (details) - Schedule Of Components Of Income Tax Expense (benefit)
Note 5 - Income Taxes (details) - Schedule Of Deferred Tax Assets And Liabilities
Note 5 - Income Taxes (details) - Schedule Of Effective Income Tax Rate Reconciliation
Note 5 - Income Taxes (details)
Note 5 - Income Taxes (tables)
Note 6 - Related Party Transactions
Note 6 - Related Party Transactions (details)
Note 7 - Commitments And Contingencies
Note 7 - Commitments And Contingencies (details)
Note 7 - Commitments And Contingencies (details) - Schedule Of Future Minimum Rental Payments For Operating Leases
Note 7 - Commitments And Contingencies (tables)
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity (details) - Schedule Of Stockholders' Equity Note, Warrants Or Rights
Note 8 - Stockholders' Equity (details) - Schedule Of Warrants Outstanding
Note 8 - Stockholders' Equity (details)
Note 8 - Stockholders' Equity (tables)
Note 9 - Subsequent Events
Note 9 - Subsequent Events (details)

Material Contracts, Statements, Certifications & more

Aerogrow International, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: AERO
CIK: 1316644
Form Type: 10-K Annual Report
Accession Number: 0001185185-16-004820
Submitted to the SEC: Wed Jun 15 2016 4:32:43 PM EST
Accepted by the SEC: Wed Jun 15 2016
Period: Thursday, March 31, 2016
Industry: Retail Building Materials Hardware Garden Supply

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/aero/0001185185-16-004820.htm